In the concept of carryback losses from Net Operating Losses (NOL), does the IRS go back to old prior year tax filings and give you a refund on them?

If so, that is awesome! What does the process really look like?

  • Unless you are in a position that lets you file amended returns, no. At best, you might be able to use losses to offset future gains. – keshlam Jan 17 '17 at 22:29
  • @keshlam and what position would that be? For example, in 2009 when Congress temporarily extended carryback NOLs 5 years and lost 36 billion usd doing so, doesn't that imply that all entities (including individuals) were in a position to file amended returns if they had a loss from an activity they intended to make money from? – CQM Jan 18 '17 at 0:40
  • You can file amended returns if you discover that your previous return was in error. Not otherwise. – keshlam Jan 18 '17 at 3:35
  • Yes, you can carry it back to a previous year, which would involve filing an amended return for that year. You should probably discuss this with a CPA though. – 7529 Jan 24 '17 at 21:46
  • @pacoverflow thats fine, you can submit that as an answer if you'd like – CQM Jan 24 '17 at 23:19

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